Page 2140 - Business Finance
PM may announce measures to boost MSME sector on Nov 2
Prime Minister Narendra Modi is likely to announce a host of measures, including enhanced interest subsidy, for the micro, small and medium enterprises on November 2, an official said. The move would give a boost to the Micro, Small and Medium Enterprise (MSME) sector and help generate more jobs. Enhanced interest subsidy to increase availability of affordable credit and loan disbursement for MSMEs could be among the measures, the official said. The Finance Ministry is working on the proposals. The MSME sector constitutes a vast network of over 63 million units and employs 111 million people, contributing around 30 per cent to the GDP. It accounts for about 45 per cent of manufacturing output and around 40 per cent to total exports. A major obstacle for growth of MSMEs is their inability to access timely and adequate finance as most of them are in niche segments where credit appraisal is a major challenge. As per the RBI's Mint Street Memo report, note ban imposed in November 2016 has
ICICI Bank Q2 net profit dives 42 pc to Rs 1,205 crore
ICICI Bank Friday reported a 42 per cent drop in its consolidated net profit to Rs 1,204.62 crore in the September 2018 quarter, on account of rise in bad loans. The country's largest private sector lender had posted a consolidated net profit of Rs 2,071.38 crore in the corresponding quarter a year ago, the bank said in a regulatory filing. However, total income of the bank on a consolidated basis rose to Rs 31,914.82 crore as against Rs 30,190.54 crore a year ago. On a standalone basis, its net profit fell by 56 per cent to Rs 908.88 crore in the said quarter as against Rs 2,058.19 crore in July-September 2017. The bank had reported a net loss of Rs 119.55 crore in the first quarter of the ongoing fiscal. Total income of the ICICI Bank on a standalone basis stood at Rs 18,262.12 crore during the September quarter, down from Rs 18,763.29 crore in the year-ago period. Asset quality was dented further as gross NPAs, as a percentage of gross advances, hit 8.54 per cent in the reported ...
Heera Group MD Nowhera Shaikh arrested by Mumbai police
The Economic Offences Wing (EOW) of Mumbai police Friday arrested Nowhera Shaikh, managing director of Heera Group, for allegedly duping investors of around Rs 300 crore. The companies in the Heera group had floated several investment schemes claiming that they were compliant with Islamic principles of finance, police said. Shaikh was first arrested by Hyderabad police on October 17 after several investors there filed complaints of cheating against her group. After she was released on bail by a court, a team of Mumbai EOW took her in custody, a police official said here. She was produced before a Mumbai court Friday evening which remanded her in police custody till November 3, he said. Shaikh also dabbled in politics and had floated an outfit named 'All India Mahila Empowerment Party'. On October 23, a case was registered against Shaikh and officials of Heera Gold Exim Ltd, Heera Retail Pvt Ltd, Heera Textiles and Heera Foodex here, the official said. Shaikh and others ...
BASF's new boss puts construction chemicals unit up for sale
FRANKFURT (Reuters) - Chemicals group BASF said it planned to sell its Construction Chemicals unit or find a merger partner for it, as new Chief Executive Martin Brudermueller looks for ways to boost the group's share price.
High as a kite? Danish cannabis firm StenoCare shares surge on debut
COPENHAGEN (Reuters) - Danish cannabis firm StenoCare sparked a stock market stampede on Friday as investors rushed to buy into its shares on their debut, driven by enthusiasm for the therapeutic benefits of its products.
ED moves court to declare Sandesara brothers fugitives
The Enforcement Directorate (ED) on Friday urged the court to declare Gujarat-based businessmen Sandesara brothers as fugitives and permit it to confiscate their properties in India and abroad in connection with a Rs 8,100 crore taken by them and their pharmaceutical company from domestic and offshore branches of Indian banks in 2004-12.
RBI to inject Rs 40,000 cr liquidity in November
The Reserve Bank of India on Friday said it would inject Rs 40,000 crore into the market by purchasing government securities in November 2018.
Government to up onion supply to Delhi
The Consumer Affairs Ministry on Friday decided to increase the daily supply of onion from the buffer stock to the national capital to keep prices at a "moderate" level.
UK court: Barclays won't face trial on Qatar deal
Britain's High Court says Barclays will not face trial on charges relating to its emergency fundraising from Qatar at the height of the financial crisis. The Serious Fraud Office had accused Barclays over a 2008 deal to give to Qatar Holding LLC a USD 3 billion loan that was then used to invest in the bank, saving it from a government bailout. The charges were the first in Britain to be brought against a bank and its former executives for activities during the financial crisis. Southwark Crown Court in London dismissed the charges this year. The High Court upheld the decision on Friday. The case Friday referred to Barclays as a corporate entity. Individuals still face charges on January 9, 2019.
US economy grew at 3.5% in Q3
The US economy grew at a robust annual rate of 3.5 per cent in the third quarter of 2018, a latest official estimate said Friday. During the past four quarters, the GDP has risen 3 cent, well above the 2.3 per cent growth during the year-earlier period. In the second quarter of 2018, real GDP increased 4.2 per cent, the Bureau of Economic Analysis said. "Defying 'conventional wisdom' once again, 3.5 per cent growth is the latest sign that the Trump economy continues to surge," said Secretary of Commerce Wilbur Ross after the Bureau of Economic Analysis released the advance gross domestic product estimate for the third quarter of 2018. The second GDP estimate for the third quarter (July-September) is scheduled to be released on November 28. "The President's actions from deregulation to tax reform have supercharged the American economy, driving it to new heights," Ross said in a statement. According to the Department of Commerce, the increase in real GDP in the third quarter reflected ..
Cost inflation makes LafargeHolcim cut full-year earnings forecast
ZURICH (Reuters) - The world's largest cement maker LafargeHolcim cut its profit expectations for 2018 on Friday, blaming rising energy and other costs.
Wall Street sinks as Amazon, Alphabet earnings spark growth concerns
(Reuters) - U.S. stocks plunged on Friday as grim earnings reports from Amazon and Alphabet rekindled a rush to dump technology and high-growth stocks, but data showing economic growth in the last quarter slowed less than expected provided some relief.
ICICI Bank's Q2 standalone net profit down 56 per cent
Private lender ICICI Bank on Friday reported a 55.84 per cent year-on-year decline in its standalone net profit for the quarter ended in September.
US economy grows 3.5% in third quarter
The US' economy grew at an annual rate of 3.5 per cent in the third quarter, down slightly from the 4.2 per cent growth rate registered in the previous quarter, the government said on Friday.
Euro zone to discuss Italy budget, despite Rome's objection: sources
BRUSSELS (Reuters) - Euro zone finance ministers will discuss Italy's 2019 draft budget at their next meeting, on Nov. 5, despite Italian requests to postpone the talks, a European Union official told Reuters on Friday.
Moody's foresees U.S. sanctions on new Russian debt, but says Moscow can withstand more
MOSCOW (Reuters) - The United States is likely to impose sanctions on holdings of new Russian sovereign debt but Moscow's own budget rules make Kremlin finances more resilient to even harsher restrictions, Moody's Senior Vice President Kristin Lindow said.
Dr Reddy's Q2 net up by 77% YoY
Pharma major Dr Reddy's on Friday reported a rise of 77% in its consolidated net profit for the second quarter of 2018-19, at Rs 504 crore from Rs 285 crore during the corresponding period of the previous fiscal.
Wall Street opens lower, healthy GDP growth dulls corporate slowdown pain
(Reuters) - U.S. stocks opened lower on Friday, as disappointing earnings from Amazon and Alphabet rekindled a rush to dump technology and high-growth stocks, but losses were limited by data that showed economic growth slowed less than expected last quarter.
Huawei opens 'market-oriented' OpenLab in India
To accelerate enterprise digitisation in India and help the industry test and develop innovative solutions, Chinese technology giant Huawei on Friday launched its first "market-oriented" OpenLab in the country which is the company's 12th such facility globally.
Uber Eats ties up with Cafe Coffee Day to create India's largest virtual restaurant network
Uber Eats Friday said it has joined hands with Cafe Coffee Day (CCD) to launch India's largest virtual restaurant network, a move that will help Uber's food delivery unit to compete aggressively against rivals like FoodPanda, Swiggy and Zomato. As part of the partnership, Uber Eats will provide CCD with data, analytics and insights around popular food and cuisines. This will enable both entities to launch menu offerings based on evolving consumer trends for multiple delivery-only "virtual restaurants" (VR). The first of such brands is expected to be launched in November in 10 CCD cafes in Bengaluru and then expanded to over 1,700 outlets of CCD nationally. Virtual restaurants are digital-only eateries that allow business owners to explore new culinary options and test them in a nimble manner across customers. "Using experience and lessons learnt in the virtual restaurant space from our global operations, we hope to provide our Indian restaurant partners greater growth opportunities. ..